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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does a Balance Sheet represent?
💡 Hint: Look for the definition we discussed in class.
Question 2
Easy
Name two categories of assets.
💡 Hint: They include items that you own.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the Balance Sheet summarize?
- A company's sales
- A company's assets and liabilities
- A company's income and expenses
💡 Hint: Think about what the Balance Sheet describes.
Question 2
True or False: Owner's equity represents the business's debts owed.
- True
- False
💡 Hint: Recall the definitions of equity and liabilities.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
XYZ Corporation has current assets of $100,000, fixed assets of $250,000, long-term liabilities of $120,000, and short-term liabilities of $30,000. Calculate the owner's equity.
💡 Hint: Use the equation we discussed: Assets - Liabilities.
Question 2
If ABC Company increases its liabilities to $200,000 while its assets remain at $400,000, what happens to the owner's equity?
💡 Hint: Think about how liabilities affect the owner's stake.
Challenge and get performance evaluation